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KNB 
Koonenberry Gold Limited 
ASX

KNB returns 170m @ 1.75g/t gold incl. 18.3m at 9.95g/t gold

Sentiment:
 Exploration Update
 1 April 2025 6:57 PM

Koonenberry Gold's first drillhole at the Enmore Gold Project yields a significant 170m intercept at 1.75g/t gold, including a high-grade zone of 18.3m at 9.95g/t gold, validating historical results and indicating potential for broad gold mineralization.

Better than expected
  The assay results from the first drillhole exceeded expectations due to the high-grade intercept and broad zone of gold mineralisation.  The results validate historical drill results, indicating potential for broad and high-grade gold zones. 

Summary
  • Koonenberry Gold has received assay results from its first diamond drillhole at the Enmore Gold Project's Sunnyside Prospect in northeast NSW.
  • The assay results include a significant intercept of 170m @ 1.75g/t Au from 77m, including 18.3m @ 9.95g/t Au from 172.9m, which further includes 0.3m @ 144.5g/t Au from 173.8m.
  • This high-grade intercept aligns with previously reported visible gold zones and is associated with intense multiphase veining, sulphides, and breccia.
  • The assays validate historical drill results and suggest the potential for broad intervals of gold mineralisation and high-grade gold zones.
  • Gold mineralisation remains open up-dip in the preferred granite host rock, as well as along strike and at depth.
  • Results from holes 2, 3, and 4, which also contained visible gold, are expected in April.
  • Drilling is ongoing with 25ENDD005 underway; 1,630.3m completed with ~1,400m drilling remaining.
  • The company planned 25ENDD001 to target potential high-grade vein sets at a high angle to the shear zone while simultaneously validating historical drilling results including Reverse Circulation drill hole OSSRC06, which returned 174m @ 1.83g/t Au from surface including 3m @ 8.86g/t Au from 171m to EOH.
Sentiment

Score: 8

Explanation: The document presents highly positive results from the first drillhole, validating the company's exploration strategy and indicating significant potential for the Enmore Gold Project. The management's comments are enthusiastic, and the overall tone is optimistic.

Positives
  • The first drillhole returned a significant gold intercept, validating the company's exploration strategy.
  • The results confirm the presence of high-grade gold zones within the Enmore Gold Project.
  • The assays validate historical drill results, indicating potential for broad and high-grade gold zones.
  • Gold mineralisation remains open in multiple directions, suggesting further exploration potential.
  • Screen Fire Assays confirm a strong coarse gold component at Sunnyside.
  • The current drill program has confirmed that mineralisation extends away from the granite-sediment contact for at least 65m and to over 240m vertically.
Risks
  • The structural controls on mineralisation are still being understood, and the optimal drilling direction is yet to be determined.
  • Visual estimates of mineral abundance should not be considered a proxy for laboratory analyses.
  • Forward-looking statements are based on assumptions that may not prove to be correct.
Future Outlook

Koonenberry aims to test the widths and grades of gold mineralisation at Sunnyside, improve understanding of mineralisation controls, identify optimal drilling direction, and expand the mineralised footprint. Results will be used to design follow-up drilling and plan drilling at other prospects.

Management Comments
  • 'This is a truly exciting result from our first ever drill hole into the Enmore Project,' said KNB Managing Director Dan Power.
  • He added that the hole demonstrated the potential for exceptionally high gold grades and verified broad zones of gold mineralisation intersected in historical drilling.
  • Drilling at Sunnyside is ongoing and continues to target extensions to the system, which we have demonstrated to have a 240m vertical depth extent on three sections, A-A, B-B and C-C.
Industry Context

The Enmore Gold Project is located in the New England Fold Belt (NEFB) in NE NSW, approximately 30km from the town of Armidale and only 20km south of the Hillgrove Au-Sb Mine (1.7Moz Au). The NEFB hosts several large deposits including the Ravenswood Mine (8Moz Au), Mt Morgan Mine (7.7Moz Au, 0.36Mt Cu) and Cracow (2.5Moz Au). Despite its clear prospectivity and total endowment of +35Moz Au, the NEFB remains underexplored and the NSW segment of the belt considerably more so than the QLD segment.

Comparison to Industry Standards
  • The reported intercept of 170m @ 1.75g/t Au is a significant result compared to other gold exploration projects in similar geological settings.
  • For example, companies like De Grey Mining (ASX: DEG) have had success with similar broad, lower-grade intercepts at their Hemi gold discovery in the Pilbara region of Western Australia, which ultimately led to a major resource.
  • The high-grade zone of 18.3m @ 9.95g/t Au is comparable to intercepts reported by companies like Chalice Mining (ASX: CHN) at their Julimar Ni-Cu-PGE project, where high-grade zones within broader mineralised intervals drove significant market interest.
  • The proximity to the Hillgrove Au-Sb Mine (1.7Moz Au) provides a benchmark for the potential scale of mineralisation in the Enmore area.
Stakeholder Impact
  • Shareholders: Positive results are likely to increase shareholder value and confidence.
  • Employees: Successful exploration can lead to job security and potential growth opportunities.
  • Customers: Not applicable as the company is in the exploration phase.
  • Suppliers: Increased drilling activity will likely lead to more business for drilling and assay service providers.
  • Creditors: Positive results improve the company's financial standing and ability to secure funding.
Next Steps
  • Continue drilling at the Sunnyside Prospect.
  • Release assay results from holes 2, 3, and 4 in April.
  • Use results to design follow-up diamond drilling.
  • Plan drilling at other prospects in the district based on soil program results.
Key Dates
  • 17/10/2024: Referenced ASX Announcement (ASX:KNB) regarding the transformational acquisition of exciting NSW Au and CuAu portfolio.
  • 19/02/2025: Referenced ASX Announcement (ASX:KNB) regarding multiple zones of visible gold in first drill hole at Enmore.
  • 26/02/2025: Referenced ASX Announcement (ASX:KNB) regarding KNB intersects visible gold in second drill hole at Enmore.
  • 17/03/2025: Referenced ASX Announcements (ASX:KNB) regarding visible gold.
  • 02 April 2025: Date of the ASX announcement reporting assay results from the first drillhole at Enmore Gold Project.
  • April: Expected release of assay results from holes 2, 3, and 4.
Keywords
Gold, Exploration, Enmore Gold Project, Koonenberry Gold, Drilling, Assay Results, Mineralisation, Sunnyside Prospect
KNB 
Koonenberry Gold Limited 
ASX
Sector: Materials
 
Filings with Classifications
Better than expected
21 May 2025 9:08 PM
Investment Announcement
  • Koonenberry's drilling results at Enmore exceeded expectations, leading to Lion's increased investment.
Delay expected
19 May 2025 6:24 PM
Exploration Update
  • The Phase I drilling campaign is now finished due to extremely wet conditions on site with 10 holes for 3,232.6m completed of a planned 3,000m.
Better than expected
28 April 2025 7:18 PM
Exploration Update
  • The drill results indicate a potentially wide structural corridor with significant gold intercepts, exceeding initial expectations for the area away from the granite-sediment contact.
Better than expected
15 April 2025 7:34 PM
Quarterly Report
  • The drill results at Enmore Gold Project are better than expected, demonstrating potential for both bulk tonnage and high-grade gold mineralization.
Better than expected
13 April 2025 6:49 PM
Exploration Update
  • The second drillhole returned a higher gram metre interval (357.9) than the first drillhole (297.5), indicating improved potential.
Better than expected
6 April 2025 6:22 PM
Investor Presentation
  • The intercept of 170m @ 1.75g/t gold incl. 18.3m at 9.95g/t gold from first drillhole at Enmore Gold Project, NSW is better than expected.
Better than expected
3 April 2025 12:51 AM
Investor Presentation Announcement
  • The assay results of 170m @ 1.75g/t gold from 77m, including 18.3m at 9.95g/t gold from 172.9m are considered better than expected.
Better than expected
1 April 2025 6:57 PM
Exploration Update
  • The assay results from the first drillhole exceeded expectations due to the high-grade intercept and broad zone of gold mineralisation.
  • The results validate historical drill results, indicating potential for broad and high-grade gold zones.
Delay expected
16 March 2025 6:42 PM
Exploration Update
  • The drilling program has been paused for up to one week due to heavy rains associated with ex-Tropical Cyclone Alfred.
Worse than expected
12 March 2025 1:35 AM
Half Year Financial Report
  • The company reported a loss of $925,922 for the half-year ended December 31, 2024, indicating worse than expected financial performance.
Capital raise
12 March 2025 1:35 AM
Half Year Financial Report
  • The company's ability to continue as a going concern is dependent on raising additional funding either through debt or equity to meet its planned exploration programme.
  • The company will be required to raise funds for working capital from debt or equity sources if the above matters are not achieved.
Better than expected
2 February 2025 4:27 PM
Investor Presentation
  • The document highlights significant exploration results, including broad, high-grade gold intercepts at Sunnyside, suggesting better than expected potential.
  • The commencement of drilling at multiple projects and the joint venture with Newmont indicate a positive outlook and better than expected progress.
Better than expected
23 January 2025 6:03 PM
Quarterly Report
  • The company has made transformational acquisitions that have significantly increased the size and potential of its portfolio.
  • The company has reported high grade drilling results at the Enmore project.
  • The company has completed a capital raise and is well funded.
Better than expected
19 January 2025 4:19 PM
Exploration Update
  • The identification of a 4km gold trend and high-grade sampling results are better than expected for an early-stage exploration project.
Better than expected
6 January 2025 5:28 PM
Exploration Update
  • The rock chip results are better than expected, with high grades of gold and copper, confirming the potential for significant mineralization.
Capital raise
29 November 2024 12:31 AM
Securities Quotation Application
  • An additional 450,000,000 shares are to be issued on December 5, 2024.
Capital raise
28 November 2024 11:47 PM
Annual General Meeting Results
  • Approval was granted for a 10% placement capacity.
  • Approvals were given to issue shares related to Enmore, Lachlan, and director placements.
Delay expected
28 November 2024 6:42 PM
Investor Presentation
  • Planned discovery activity is subject to changes due to various factors including regulatory approvals and inclement weather.
Better than expected
28 November 2024 5:22 PM
Annual General Meeting Report
  • The successful acquisition of the Enmore and Lachlan projects significantly expands Koonenberry Gold's exploration portfolio and increases its potential for major discoveries.
Delay expected
26 November 2024 8:41 PM
Securities Issue Update
  • The issue date of the Placement Shares was delayed by one day, from December 4th to December 5th, 2024.
Delay expected
17 November 2024 6:17 PM
Exploration Update
  • The first phase of air core drilling at Atlantis was terminated early due to limitations in the rig configuration and air pressure, preventing the testing of three identified EM conductors and limiting the extent of the surveyed area.
Worse than expected
17 November 2024 6:17 PM
Exploration Update
  • The second phase of drilling at the Atlantis prospect did not yield significant copper or gold intersections, despite the presence of trace amounts of sulphides, indicating that the targeted mineralisation may be located further from the drillholes or at greater depth than initially anticipated.
Capital raise
28 October 2024 7:44 PM
Notice of Annual General Meeting
  • A $4.5 million capital raising (before costs) is planned through a placement of shares.
  • Directors have committed to subscribing for up to $200,000 of the placement.
Capital raise
16 October 2024 7:55 PM
Investment Announcement
  • Koonenberry Gold is undertaking a \$4.5 million capital raising.
Capital raise
16 October 2024 7:20 PM
Investor Presentation
  • A capital raising of at least A$2,000,000 is planned, with commitments already secured for A$4,500,000.
  • The capital raising will fund the acquisition of the Enmore Gold Project and Lachlan Projects.
Capital raise
16 October 2024 6:54 PM
Acquisition Announcement
  • A $4.5 million capital raise via a placement of 450 million new ordinary shares at $0.010 per share.
  • The placement was supported by major shareholder Lion Selection Group and new investor Lowell Resources Fund.
  • Funds will be used for exploration, capital raising costs, and working capital.
Capital raise
14 October 2024 6:49 PM
Trading Halt Announcement
  • A capital raising is planned in association with a material acquisition.
Capital raise
12 September 2024 4:15 AM
Annual Report
  • A share placement and fully underwritten entitlement offer raised $2,352,537 before costs in April 2024.
Delay expected
12 September 2024 4:15 AM
Annual Report
  • Drilling at the Atlantis Prospect was unable to penetrate to planned depths due to hard and silicified ground, resulting in an early termination of the program.
Worse than expected
3 September 2024 7:59 PM
Exploration Update
  • The drilling program was significantly shorter than planned due to unforeseen weather conditions, resulting in fewer drill holes and less data than anticipated.
Delay expected
3 September 2024 7:59 PM
Exploration Update
  • A significant rain event forced an early termination of the drill program at Atlantis, resulting in a compromised program with only 6 holes completed instead of the planned 16.
Delay expected
30 July 2024 7:16 PM
Exploration Update
  • The drill program in June was terminated early due to a significant rain event.
Delay expected
23 July 2024 8:01 PM
Quarterly Report
  • A significant rain event occurred after the reporting period, resulting in demobilisation of equipment and crew, delaying further exploration.
Better than expected
12 June 2024 7:55 PM
Exploration Update
  • The gold zone has been extended to the east and 200m to the south, expanding the gold footprint to over 500m x 400m.
Delay expected
27 May 2024 7:18 PM
Exploration Update
  • The initial drilling program was terminated early due to rig limitations, preventing the testing of the three EM conductors.
Delay expected
21 April 2024 7:02 PM
Project Update
  • Drilling at Atlantis was delayed due to unexpected difficult drilling conditions (hard ground).
Worse than expected
21 April 2024 7:02 PM
Project Update
  • The drilling at Atlantis did not reach the target depth due to difficult ground conditions, which is worse than expected.
Delay expected
19 April 2024 4:14 AM
Rights Issue Results and Revised Timetable
  • The issue and settlement of Rights Issue shares has been revised from the timetable previously announced to the ASX on 8 March 2024.

Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.